According to the Market Statsville Group (MSG), the Global Aquafeed Market size is expected to grow from USD 85.4 billion in 2023 to USD 140.5 billion by 2033, at a CAGR of 5.1% from 2023 to 2033.
Aquafeed is a fish feed or fishmeal specialized feed created and manufactured, especially for aquatic animals in aquaculture systems, particularly fish and crustaceans. Aquafeed is essential in aquaculture as it provides the nutrients required for the optimal growth, health, and productivity of grown aquatic species. Aquafeeds are intended to be similar to the natural diets of fish and other aquatic organisms. They are typically made up of various ingredients, including plant proteins, fish oil, fishmeal, carbohydrates, vitamins, and minerals. Aquafeed provide a nutritious diet that includes essential proteins, fats, vitamins, carbohydrates, and minerals for the aquatic animals' growth, development, and overall well-being.
Due to the depletion of wild fish stocks, aquaculture has emerged as a viable solution to meet the rising demand for fish protein. The demand for high-quality aquafeed to support the growth and development of livestock grows in tandem with the expansion of aquaculture. Also, the shift in dietary preferences towards healthier, protein-rich diets has boosted demand for aquafeed. Fish and seafood are considered high in protein and essential fatty acids. Demand for aquaculture products, and thus aquafeed, has increased significantly as consumers become more health-conscious and seek nutritious food options. Concerns about the environment and the need for sustainable food production have also fueled demand for aquafeed. Aquaculture can potentially lessen the strain on wild fish stocks and reduce overfishing. The industry can optimize feed conversion rates, reduce waste, and reduce the environmental impact of aquaculture operations by using efficient aquafeed formulations. Also, advances in aquafeed technology and research have improved feed nutritional composition and digestibility, resulting in higher growth rates and disease resistance in farmed species. This has increased the demand for specialized aquafeed products that meet the dietary demands of various aquatic organisms at various life stages.
Based on additives, the market is divided into amino acids, antibiotics, vitamins & minerals, feed acidifiers, antioxidants, enzymes, anti-parasitic, probiotics & prebiotics, and others. The amino acids segment accounted for the largest market share in 2023. Amino acids are essential nutrients that fish and other aquatic species need in sufficient quantities, so they must be obtained through their diet. The growing demand for balanced and complete protein sources that meet the specific nutritional requirements of different species at various life stages drives the amino acids in aquafeed market. Each species of fish or crustacean has different amino acid requirements, and the precise balance of amino acids in feed formulation is vital for optimal growth, muscle development, and reproduction.
Based on the regions, the global aquafeed market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. Asia Pacific accounted for the largest market share in 2023. The huge population and high demand for seafood have fostered the market’s growth. Further, the growing shift towards healthy and protein-based diets in emerging countries like India, China, and Japan boosted the market’s growth over the forecast period. Also, the strict government norms towards overfishing and declining wild fish stock enforced a strong pressure on sustainable aquaculture practices to reduce pressure on the oceans, which significantly create a lucrative opportunity for the market.
The Major key players in the global aquafeed market are:
This market research study categorizes the aquafeed market-based on form, additives, ingredient, feed, and application area at the regional and global levels.
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